How do you handle tax and insurance escrows? The mortgage is still in the owners name and once you sell it, he or she is going to get the escow money sent to them.
What do you do if the lender does call the note due? If you have done a lease option on the property, You could be in a world of hurt.
What do you do if the seller claims bankruptcy after you take deed and the bankruptcy courts come after you for the property back?
Thanks GRB
GRB,
Glad to meet you.
What if - you used a Loan Servicing Company where all correspondence went to concerning the property you purchased including checks, refunds, etc., and you had a Power of Attorney from your buyer to act in his stead.
What if - the Lender called the note due and your paperwork covered this with your buyer where they are responsible to re-finance the property should this happen.
What if - you are considered a third party innocent by the BK court and they realize the transfer was not done to circumvent the courts jurisdiction in the bankruptcy action.
Just some what if - things that are covered easily.
John $Cash$ Locke